Advanced biofuels seen sparking job creation - report
Trade group Biotechnology Industry Organization estimates in a new report that the full economic impact from advanced biofuels could generate more than 800,000 jobs by 2022.
Feedstock production would generate most jobs in the advanced biofuel industry, with construction, engineering and procurement also creating employment.
The group estimates a direct annual contribution to US economic growth of $5.5bn in 2012 and $37bn by 2022. The full economic impact could reach nearly $150bn by 2022, according to the report.
Advanced biofuels, or second generation biofuels, are those that rely on non-food feedstocks and offer vastly improved energy output and lower greenhouse gas emissions.
Some advanced biofuels are those that use cellulosic technology while others include fats, animal manure and organic material feedstock found in urban waste. The US Defense Department is also aggressively investigating algae use for fuels, which would require less space to cultivate than grains or oilseeds.
While the immediate impact on renewable energy production is uncertain from the recent economic stimulus law, Biotechnology Industry Organization estimates that advanced biofuel refineries could create thousands of new US jobs by 2011.
The US biofuel industry is heavily dependent on corn as its main feedstock, with ethanol blended into conventional fuels. Critics contend that intensive cultivation of corn for this purpose has a negative effect on the climate and local eco-system.
Richard A. Kessler (richard.kessler@rechargenews.com)